MAODEL: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MAODEL
Largest movements
- Deferred charges and accrued income +€31,245
new in 2025: €31,245
- Tangible fixed assets +€25,326
up €25,326 (+24.1%), from €105,159 to €130,485
of which Plant, machinery and equipment: +€30,123
- Receivables within one year +€9,276
up €9,276 (+7795.0%), from €119 to €9,395
of which Other amounts receivable: +€9,328
- Stocks and contracts -€4,335
down €4,335 (-66.1%), from €6,554 to €2,219
- Profit (loss) carried forward +€41,763
up €41,763 (+71.6%), from €58,321 to €100,084
- Tax, wage and social debts +€17,026
up €17,026 (+345.0%), from €4,935 to €21,961
of which Taxes: +€13,997
- Trade debts +€11,577
up €11,577 (+303.2%), from €3,818 to €15,395
- Debts after one year -€5,768
down €5,768 (-33.7%), from €17,140 to €11,372
- Other debts -€2,278
down €2,278 (-3.3%), from €69,027 to €66,749
- Gross operating margin +€78,588
up €78,588 (+90.6%), from €86,730 to €165,318
- Staff costs +€22,737
up €22,737 (+49.3%), from €46,088 to €68,825
- Taxes +€13,939
up €13,939 (+1290.6%), from €1,080 to €15,019
- Depreciation +€1,795
up €1,795 (+6.6%), from €27,225 to €29,020
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €160,722 | €223,329 | +€62,607 | +39.0% |
| Fixed assets | 21/28 | €105,159 | €130,485 | +€25,326 | +24.1% |
| Tangible fixed assets | 22/27 | €105,159 | €130,485 | +€25,326 | +24.1% |
| Plant, machinery and equipment | 23 | €83,705 | €113,828 | +€30,123 | +36.0% |
| Furniture and vehicles | 24 | €21,454 | €16,657 | -€4,797 | -22.4% |
| Current assets | 29/58 | €55,563 | €92,844 | +€37,281 | +67.1% |
| Stocks and contracts in progress | 3 | €6,554 | €2,219 | -€4,335 | -66.1% |
| Stocks | 30/36 | €6,554 | €2,219 | -€4,335 | -66.1% |
| Amounts receivable within one year | 40/41 | €119 | €9,395 | +€9,276 | +7795.0% |
| Trade receivables | 40 | €52 | - | -€52 | |
| Other amounts receivable | 41 | €67 | €9,395 | +€9,328 | +13922.4% |
| Cash at bank and in hand | 54/58 | €48,890 | €49,985 | +€1,095 | +2.2% |
| Deferred charges and accrued income | 490/1 | - | €31,245 | +€31,245 | |
| Total equity and liabilities | 10/49 | €160,722 | €223,329 | +€62,607 | +39.0% |
| Equity | 10/15 | €60,321 | €102,084 | +€41,763 | +69.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,321 | €100,084 | +€41,763 | +71.6% |
| Amounts payable | 17/49 | €100,401 | €121,245 | +€20,844 | +20.8% |
| Amounts payable after more than one year | 17 | €17,140 | €11,372 | -€5,768 | -33.7% |
| Financial debts | 170/4 | €17,140 | €11,372 | -€5,768 | -33.7% |
| Amounts payable within one year | 42/48 | €83,261 | €109,873 | +€26,612 | +32.0% |
| Current portion of amounts payable after more than one year | 42 | €5,481 | €5,768 | +€287 | +5.2% |
| Trade debts | 44 | €3,818 | €15,395 | +€11,577 | +303.2% |
| Suppliers | 440/4 | €3,818 | €15,395 | +€11,577 | +303.2% |
| Taxes, remuneration and social security | 45 | €4,935 | €21,961 | +€17,026 | +345.0% |
| Taxes | 450/3 | €2,629 | €16,626 | +€13,997 | +532.4% |
| Remuneration and social security | 454/9 | €2,306 | €5,335 | +€3,029 | +131.4% |
| Other amounts payable | 47/48 | €69,027 | €66,749 | -€2,278 | -3.3% |
| Remuneration, social security and pensions | 62 | €46,088 | €68,825 | +€22,737 | +49.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,225 | €29,020 | +€1,795 | +6.6% |
| Other operating charges | 640/8 | €250 | €250 | = | 0.0% |
| Gross operating margin | 9900 | €86,730 | €165,318 | +€78,588 | +90.6% |
| Operating profit (loss) | 9901 | €13,167 | €67,223 | +€54,056 | +410.5% |
| Financial charges | 65/66B | €8,241 | €9,608 | +€1,367 | +16.6% |
| Recurring financial charges | 65 | €8,241 | €9,608 | +€1,367 | +16.6% |
| Profit (loss) for the period before taxes | 9903 | €4,926 | €57,615 | +€52,689 | +1069.6% |
| Income taxes | 67/77 | €1,080 | €15,019 | +€13,939 | +1290.6% |
| Profit (loss) for the period | 9904 | €3,846 | €42,596 | +€38,750 | +1007.5% |
| Profit (loss) for the period to be appropriated | 9905 | €3,846 | €42,596 | +€38,750 | +1007.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.